It is possible for users with the Grading Manager role to export Transcripts to Word as long as the setting is enabled in the Transcript. 

This will allow users with the Grading Manager role to export Transcripts to Word

To access the setting in Transcripts:
1. Go to Academics > Grades > Transcripts Setup > Transcripts Builder
2. Click Edit across from the Transcript
3. Under the Transcript Name check the checkbox Allow Grading Manager to Export to Word
4. Save & Exit